billionaire in Hip Hop. Apple Electronics
announced today that it has acquired Dr Dre's
Beats Electronics for $3billion. According to
Forbes, Apple paid $2.6billion cash upfront
and gave $400million in stock that will vest over time.
The $3billion purchase price includes Beats
Music, the sister company that runs a subscription
streaming music service. As part of the deal, Beats
co-founders Dr. Dre and Jimmy Iovine will join
Apple in undisclosed roles.
"Music is such an important part of all of
our lives and holds a special place within
our hearts at Apple,” CEO Tim Cook said
in a statement released today. “That’s why
we have kept investing in music and are
bringing together these extraordinary teams
so we can continue to create the most
innovative music products and service
in the world.”This acquisition is Apple’s biggest and largest
acquisition since the inception of the company.
Apple made $171 billion revenue last year, while
Beats made $2 billion.
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